SharePoint vs OpenText: The Ultimate Purchase Order Automation Software in Denver
In the current competitive landscape, companies of varying sizes must find ways to increase productivity and efficiency, while cutting costs wherever appropriate.
An excellent place to start is with business process automation (BPA). Via BPA, you can expedite repetitive and laborious workflows, ease the burden for your colleagues, and upgrade your processes by adding productivity and raising accuracy.
There are a variety of operations and business sectors that can make use of BPA. One of the most common adopters are Accounts Payable teams who can use BPA to automate purchase order processing, payroll, and invoicing.
In this piece, we’re going to hone in on purchase order automation - how it works, why automation is an excellent solution for this area, and evaluate two of our favorite PO process automation software: Microsoft SharePoint and OpenText.
To start, let’s talk about what purchase order automation is and how it performs.
What is Purchase Order Automation?
Automated purchase order solutions utilize business software armed with machine learning (ML), robotic process automation (RPA) technology, and artificial intelligence (AI) to automate the purchase order procedure.
Via automation, purchase requisitions can be produced in a few clicks from pre-formatted templates, and forwarding functionality can send approvals straight to the supply chain vendor when the approval process is complete.
This removes the need for manual interference, record filing systems, and makes the operation smoother and more manageable.
The Purchase Order Process
Although the purchase order process can differ slightly from one business to the next, the following provides an excellent example of a typical, by-hand purchase order process.
Step 1: The first step is to create a purchase order.
Step 2: Then another staff member will evaluate and approve/reject the purchase order.
Step 3: Following that, the purchase order must be forwarded to the vendor.
Step 4: Once filled, the organization will then obtain its service or product.
Step 5: The vendor invoice will thereafter be received by the firm.
Step 6: The invoice should be verified and authorized, and payment is delivered to the merchant.
Step 7: The last step of the purchasing procedure is to file or archive the relevant files to generate an audit trail.
This may not seem like many steps, but to make this procedure to go smoothly, all individuals from your AP staff, to sales representatives, vendors, and managers, must all deliver accurate, timely responses. Many businesses can attest that this is way harder than it sounds.
There are several benefits to automating these steps, which we’ll review in the following section.
The Advantages of an Automated Purchase Order System
There are a number of benefits to adopting purchase order automation solutions for your company. These include:
Lower Costs
Time Saved from Hand-Operated Tasks
Real-Time Operational Visibility
A Faster, More Streamlined Procurement Method
Decreased Physical Error
Greater Use of Human Resources
So, now that we have reviewed what purchase order automation is, the elements of the process that can be automated, and the benefits of purchase order software, let’s now talk about a couple of our preferred automation tools, Microsoft SharePoint and OpenText.
SharePoint vs OpenText
SharePoint Overview
SharePoint is an enterprise content management platform (ECM) that in its base form, is a tool for monitoring, collaborating on, and distributing data.
Having said that, with the addition of Microsoft PowerApps Power Automate, you can easily adapt SharePoint’s features to incorporate automation to most of your AP procedures.
Pros
Fantastic UX/UI
Short learning curve for new users
Metadata search aid searchability
Cons
No native data capture or imaging capability
Weak at meeting compliance requirements in some sectors
SharePoint Online is not designed to handle Enterprise ECM requirements
OpenText Overview
OpenText is also an ECM solution but includes advanced add-ons that enable organizations to automate processes, enhance business activities, and reduce the risk associated with management and intellectual property.
Pros
A superior option for companies that must adhere to strict regulations
Strong document filtering, management, classification, and access restrictions
OpenText Documentum expands its features with case and inventory management functionality.
Cons
Complex UX/UI
Usually necessitates professional tuning to guarantee that it satisfies business needs
Can be expensive for corporate functionality and add-ons
SharePoint & OpenText Pricing & Features Diagram
How Wave Can Assist You in Implementing Purchase Order Automation in Denver
The truth is by-hand workflows in your accounting framework just slow your business down, generate bottlenecks and process headaches, and ultimately hurt your progress and scalability.
Prolonged billing cycles can also result in increased expenses associated with purchase order management and invoice processing, limit your insight and control, and can damage your supplier connections.
At Wave, we can aid you in optimizing your accounts payable processes thoroughly, including data entry, purchase orders, procurement, approval process, invoicing, payments, and even document storage solutions.
We collaborate with Netsuite, Microsoft Dynamics, SAP, Oracle, as well as ECM and ERP systems like those we’ve discussed in this article and also Oracle, Xerox, MFiles, and more.
We can help you deploy your AP automation solution locally, in the cloud, or in a hybrid framework based on your business regulations, budget, and compliance guidelines.
To discover more, contact us today for a free consultation.